"Too-Big-To-Regulate"

“Too-Big-To-Regulate”

We recently sent a letter to Nevada Governor Brian Sandoval  to provide the governor with “specific examples of problems related to the approval of the Station Casinos/Red Rock Resorts IPO by the Nevada Gaming Commission on January 21, 2016 in order to illustrate the challenges Nevada faces in regulating a ‘too-big-to-regulate’ significant owner of one of the major gaming companies in Las Vegas.” {read more}
Deutsche Bank should insist on an immediate buyout of its Las Vegas casino stake through the Station Casinos IPO

Deutsche Bank should insist on an immediate buyout of its Las Vegas casino stake through the Station Casinos IPO

UNITE HERE has sent a letter to Deutsche Bank (NYSE: DB) to urge the bank to dispose of its non-core casino asset through the Station Casinos (Red Rock Resorts) IPO in order to boost its capital position and investor confidence. The letter can be viewed here. {read more}
UNITE HERE Launches "Station Casinos IPO Dissected" Website

UNITE HERE Launches “Station Casinos IPO Dissected” Website

Deutsche Bank has a minority stake in Station Casinos, and UNITE HERE has called on the Securities and Exchange Commission (SEC) to require full disclosure of the bank’s regulatory problems in Station Casinos Corp.’s IPO registration filings. {read more}
Latest entries

Las Vegas Gaming Workers Call on Nevada Gaming Commission to Investigate Deutsche Bank

On August 20, members of the Culinary Workers Union Local 226 attended the Nevada Gaming Commission meeting to demand that Deutsche Bank be called forward for a suitability hearing. “My job depends on the ability of the Gaming Commission to protect the integrity and stability of Nevada’s gaming industry,” said Yuriko Garcia, a server at SLS Hotel and Casino. “We respectfully ask the Gaming Commission to call Deutsche Bank forward for a suitability review.” Deutsche Bank has been charged record fines from U.S. and U.K. regulatory officials for its role in manipulating LIBOR, a benchmark rate affecting trillions of dollars in financial instruments like mortgages, credit cards, and student loans. Although Deutsche Bank owns 25% of Station Casinos LLC and its 19 casinos in Nevada, it has not gone through the licensing process by Nevada regulators. At the Nevada Gaming Commission meeting today, a representative of the Culinary Union listed examples... {read more}
UNITE HERE Calls on Nevada Gaming Regulators to Investigate Deutsche Bank Role in Station Casinos

UNITE HERE Calls on Nevada Gaming Regulators to Investigate Deutsche Bank Role in Station Casinos

UNITE HERE’s Culinary Workers Union Local 226 has called on Nevada gaming regulators to investigate and determine Deutsche Bank’s suitability to be a casino owner following a guilty plea to criminal wire fraud by a subsidiary of the bank, the bank’s admissions of misconduct and its agreements to pay $2.519 billion in penalties to U.S. and British authorities to settle charges of rigging global benchmark interest rates namely the London Interbank Offer Rate (Libor). {read more}
Why do EU TTIP negotiators want to weaken bank regulations designed to protect taxpayers after the financial crisis?

Why do EU TTIP negotiators want to weaken bank regulations designed to protect taxpayers after the financial crisis?

TTIP talks took place in Brusseks last month, where Eurobanks aim to undermine proposed regulations for foreign banks by the Federal Reserve.  We want to know, what is Deutsche Bank– and Germany– doing behind closed doors? What will the EU trade to help get financial services included in TTIP?   The new Federal Reserve rule finalized in January 2014 will require Deutsche Bank, like all other too-big-to-fail banks operating in the US, to maintain minimum capital and liquidity as a backstop against taxpayer losses in the event of another financial crisis. But the Association of German Banks has lobbied against this rule and is pushing for a clause in the TTIP that would allow banks like Deutsche Bank to weaken its effect.  Why would European negotiators push for a process that would weaken bank solvency rules designed to protect all of us?  Conservative economist Simon Johnson wrote a piece on the lack of... {read more}
Scandal Bank Year in Review 2013

Scandal Bank Year in Review 2013

The universal bank around the globe in 2013.  Our 2012 year in review is here.  To view all markers in a city, zoom in to street level.  To suggest additional markers for Deutsche Bank headlines in 2013, tweet at us @DBRiskAlert or include #ScandalBank in your tweet. {read more}